Viacom Issues $550 Million of Debentures in Two-Part Offering

March 11 (Bloomberg) -- Viacom Inc., owner of the Paramount
film studios and cable networks Nickelodeon and MTV, issued $550
million of unsecured bonds in a two-part deal, boosting the
offering from an initial $500 million.

The company sold $300 million of 3.25 percent notes due
2023 that yield 130 basis points more than similar-maturity
Treasuries and $250 million of 4.875 percent debt due June 2043
that pays 165 basis points more than benchmarks, according to
data compiled by Bloomberg. The securities were rated Baa1 by
Moody’s Investors Service, three levels above speculative grade,
and were given an equivalent BBB+ at Standard & Poor’s.

Viacom’s $300 million of 3.125 percent notes due 2022 are
its most actively traded debt security in the last 10 days,
according to Trace, the bond-price reporting system of the
Financial Industry Regulatory Authority. The notes traded at
about par on March 6, according to Trace.